CCL Industries expands in Malaysia
TORONTO, Nov. 09, 2020 (GLOBE NEWSWIRE) — CCL Industries Inc. (TSX:CCL.A) (TSX:CCL.B), a world leader in specialty label, security and packaging solutions for global corporations, government institutions, small businesses and consumers, announced today it has signed a binding agreement to acquire Super Enterprises Printing (Malaysia) Sdn. Bnd. (“SEP”), based in Kuala Lumpur with a second manufacturing operation in Guangzhou, China.
SEP is a leading supplier of decorative panels, liquid crystal & touch screen display covers and in-mould decorated components for the consumer electronics and automotive sectors across Asia. For the trailing twelve months ending September 30, 2020, sales were $26.4 million, with adjusted EBITDA estimated at $3.0 million. The approximate $20.0 million purchase price includes two buildings housing operations in Kuala Lumpur. Closing is planned before the end of the year, at which time the new business will trade as CCL Design.Geoffrey T. Martin, President and Chief Executive Officer of CCL Industries Inc., commented, “We are pleased to expand our highly successful CCL Design operations in Asia, adding in-mould decorating and technical screen-printing technologies, as well as strong sales and project engineering resources throughout the region. Our key people have known SEP for some time, and welcome all their employees to CCL.”Forward-looking StatementsThis press release contains forward-looking information and forward-looking statements, as defined under applicable securities laws, (hereinafter collectively referred to as “forward-looking statements”) that involve a number of risks and uncertainties. Forward-looking statements include all statements that are predictive in nature or depend on future events or conditions. Forward looking statements are typically identified by the words “believes,” “expects,” “anticipates,” “estimates,” “intends,” “plans” or similar expressions. Statements regarding the operations, business, financial condition, priorities, ongoing objectives, strategies and outlook of the Company, other than statements of historical fact, are forward-looking statements. Specifically, this press release contains a forward-looking statement regarding the planned closing of this acquisition before the end of the year.Forward-looking statements are not guarantees of future performance. They involve known and unknown risks and uncertainties relating to future events and conditions including, but not limited to, the impact of the outbreak of the novel coronavirus known as COVID-19; instability of the world economy and capital markets; the impact of competition; consumer confidence and spending preferences; general economic and geopolitical conditions; currency exchange rates; interest rates and credit availability; technological changes; changes in government regulations; risks associated with operating and product hazards; and the Company’s ability to attract and retain qualified employees. Do not unduly rely on forward-looking statements as the Company’s actual results could differ materially from those anticipated in these forward-looking statements.Forward-looking statements are also based on a number of assumptions, which may prove to be incorrect, including, but not limited to, assumptions about the following: consumer spending; improved customer demand for the Company’s products; continued historical growth trends, market growth in specific sectors and entering into new markets; the Company’s ability to provide a wide range of products to multinational customers on a global basis; the benefits of the Company’s focused strategies and operational approach; the achievement of the Company’s plans for improved efficiency and lower costs, including stable aluminum and resin costs; the availability of cash and credit; fluctuations of currency exchange rates and the Company’s continued relations with its customers. Should one or more risks come to fruition or should any assumption prove incorrect, then actual results could vary materially from those expressed or implied in the forward-looking statements. Further details on key risks can be found in Section 4: “Risks and Uncertainties” of the 2019 Annual MD&A and and CCL’s Interim quarterly report for the period ended June 30, 2020.For more information on CCL, visit – www.cclind.com or contact:
CCL Industries Inc. employs approximately 21,700 people operating 188 production facilities in 42 countries with corporate offices in Toronto, Canada, and Framingham, Massachusetts. CCL is the world’s largest converter of pressure sensitive and specialty extruded film materials for a wide range of decorative, instructional, functional and security applications for government institutions and large global customers in the consumer packaging, healthcare & chemicals, consumer electronic device and automotive markets. Extruded & laminated plastic tubes, aluminum aerosols & specialty bottles, folded instructional leaflets, precision decorated & die cut components, electronic displays, polymer banknote substrate and other complementary products and services are sold in parallel to specific end-use markets. Avery is the world’s largest supplier of labels, specialty converted media and software solutions for short-run digital printing applications for businesses and consumers available alongside complementary products sold through distributors, mass market stores and e-commerce retailers. Checkpoint is a leading developer of RF and RFID based technology systems for loss prevention and inventory management applications, including labeling and tagging solutions, for the retail and apparel industries worldwide. Innovia is a leading global producer of specialty, high performance, multi-layer, surface engineered films for label, packaging and security applications. The Company is partly backward integrated into materials science with capabilities in polymer extrusion, adhesive development, coating & lamination, surface engineering and metallurgy; deployed as needed across the four business segments.